Canada's main stock index rose on Thursday after strong quarterly results from Canadian Imperial Bank of Commerce helped boost shares in the financial sector.
The S&P/TSX Composite Index advanced 13.93 points to start Thursday at 15,077.09
The Canadian dollar gained 0.1 cents to 79.78 cents U.S.
CIBC reported third-quarter earnings ahead of market expectations, with a strong performance from its retail business offsetting a weaker showing at its investment banking division.
Commerce shares dipped 24 cents to $107.36.
The National Energy Board said a review of TransCanada Corp's proposed Energy East pipeline will consider its indirect greenhouse gas contributions, expanding the scope of the assessment.
TransCanada shares fell 16 cents to $63.15.
Barclays raised the target price on Royal Bank of Canada by 2% to $96.00. RBC shares tacked on two cents to $93.03.
Eight Capital cuts price target on Alimentation Couche Tard to $65.00 from $77.00. Couche-Tard shares dumped 21 cents to $60.39.
On the economic slate, Statistics Canada reported that those Canadian drawing regular employment insurance benefits totaled 517,200 in June, down 7,000, or 1.3%, from May. This was the eighth consecutive monthly decline in the number of beneficiaries.
ON BAYSTREET
The TSX Venture Exchange regained 0.11 points to 765.46.
The 12 TSX subgroups were divided neatly, with information technology up 0.4%, financials up 0.3%, and real-estate inching ahead 0.1%.
The half-dozen laggards were weighed most by gold stocks, slipping 0.4%, energy, subtracting 0.3%, and materials, off 0.2%.
ON WALLSTREET
U.S. stocks gave up initial gains on Thursday as investors looked ahead to an annual meeting of central bankers that may offer insight into monetary policy for the rest of the year.
The Dow Jones Industrials dropped 22.29 points to begin the day at 21,789.80
The S&P 500 slid 2.48 points to 2,441.56, with consumer staples leading eight sectors lower.
The NASDAQ was lower 11.79 points to 6,266.62.
The Dow dropped nearly 90 points Wednesday, after President Donald Trump threatened that he would be willing to shut down the government if his border wall isn't funded in the new budget.
Retail stocks, meanwhile rose broadly after several companies in the space, including Tiffany and Williams-Sonoma, better-than-expected earnings reports. Shares of Dollar Tree, Home Depot, and Signet Jewelers all traded higher. Signet Jewelers spiked 21% as the best performer in the S&P 500.
On the data front, the number of Americans filing for unemployment benefits fell last week, pointing to a further tightening in the labour market that could encourage the Federal Reserve to lay out a plan to start unwinding its balance sheet. Initial claims for state unemployment benefits totaled 234,000, below expectations of 238,000.
Investors set their sights on Jackson Hole, Wyoming as leaders of global central banks are set to gather for the annual Jackson Hole economic symposium. Federal Reserve Chair Janet Yellen and European Central Bank President Mario Draghi will both be attending, and are scheduled to speak about global monetary policy on Friday.
Prices for the benchmark 10-year Treasury note gained ground, lowering yields to 2.18% from Wednesday’s 2.19%. Treasury prices and yields move in opposite directions.
Oil prices slumped 67 cents to $47.74 U.S. a barrel
Gold prices removed 20 cents to $1,294.50 U.S. an ounce.
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